- COVID outbreak threatens Canada Oil Sands production
- Twelve oil sand production sites have been listed with outbreaks, just as contractors have begun to fly in for maintenance season
- AEGIS notes no production has been knocked offline yet, though maintenance work has been delayed. If COVID infections rise, it could possibly extend the duration of the maintenance work, taking Canadian supply offline
- Goldman forecasts oil will hit $80/Bbl in the next six months
- The bank says global consumption will surge by 5.2 MMBbl/d over the next six months, which is a 50% larger jump than the next biggest increase over that timeframe (2000)
- Overall demand will increase to 99 MMBbl/d in 3Q2021 as vaccination rollout in Europe picks up
- EIA weekly data is due at 9:30 am CST
- U.S. Crude Inventories: - 60 MBbls (Avg. Bloomberg surveys)
- U.S. Gasoline Inventories: - 53 MBbls
- U.S. Distillate Inventories: - 987 MBbls
- U.S. Refinery Utilization: + 0.30% change